'Value Investing' Kang Bang-cheon Announces Retirement... Under Financial Supervisory Service Investigation for Nominee Transactions

[Asia Economy Reporter Hwang Yoon-joo] Kang Bang-cheon, chairman of Asset Plus Asset Management and known as the 'godfather of value investing,' is stepping down from management after 23 years since founding the company.

According to Asset Plus Asset Management on the 29th, Chairman Kang will resign from his positions as registered director and chairman through an extraordinary board meeting and shareholders' meeting scheduled for August.

The position of Chief Investment Officer (CIO), which Kang has held, will be taken over by Executive Director Jeong Seok-hoon. Executive Director Jeong has managed client assets at Asset Plus Asset Management for over 20 years.

In a notice sent to clients on the day, Chairman Kang explained, "This has been a plan in my heart for a long time," adding, "I felt the time has come, so although it is difficult, I have made this decision."

Born in 1960 on Amtaedo Island, Sinan-gun, Jeollanam-do, Kang graduated from the Department of Management Information Systems at Hankuk University of Foreign Studies in 1987. He then worked at Dongbang Securities (now SK Securities), became a stock fund manager at Ssangyong Investment & Securities in 1989, and later a stock fund manager at Dongbu Securities in 1994.

Kang is well known for turning 100 million KRW into 15.6 billion KRW during the IMF (International Monetary Fund) economic crisis. After founding Asset Plus Investment Advisory in 1999, he managed large personal assets as well as major domestic pension funds including the National Pension Service.

Recognized as a leading value investor in Korea, Kang was the only Korean included among the '99 Greatest Investors in the World' alongside Warren Buffett and Peter Lynch.

Meanwhile, the Financial Supervisory Service (FSS) discovered signs of self-dealing by Chairman Kang during a special inspection of Asset Plus Asset Management conducted in November last year and is reportedly preparing disciplinary measures.

The FSS is said to view the funds lent by Kang to the shared office company 'Wonderplus,' where he is a major shareholder, and operated under the corporation’s name, as a nominee investment.